How To Open A Wise Multi Currency Account In South Africa

💸 Get 1 FREE international transfer with Wise up to the value of GBP 500: wise.prf.hn/l/PJzXbB5
🌍 Get a FREE stock worth up to $ 1 000.00 when opening an account at Interactive Brokers using my link: ibkr.com/referral/pieter834
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Wise is an innovative platform that allows us as South Africans to receive, convert and send money in 53 different currencies and to have local bank account details in 9 different currencies, which include the US dollar, Euro, and British Pound.
It is one of the cheapest ways to send and receive money from overseas, and seeing that many of us have to start side hustles just to cope with the increasing cost of living and that most side hustle opportunities come from overseas, it is important to use a platform that is both cheap and easy to help convert your dollars to rands and then withdraw those rands into your local bank account.
Also, for those who want to withdraw dollars from offshore investment platforms like Interactive Brokers, make sure to set up a Wise account as well, and then wait for my video next week, where I will show you a complete step-by-step guide on how you can fund and withdraw money from Interactive Brokers using your Wise account.
KZbin Chapters:
00:00 Introduction
01:47 How To Open A Wise Personal Account
08:30 How To Add Your Local Bank Account Details To Wise
Videos To Watch Next:
Complete Guide To Interactive Brokers: • Interactive Brokers - ...
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[@janice21292]

Hi Pieter, dankie man !! 🙏

[@user-gp6rz5fk3l]

This helped me alot Thank you. I was so confused before.

[@bareltchaly]

Great job man and thank you for the video

[@MoneyMarx]

You are most welcome Barel! :)

[@nonkululekogebashe6646]

Thank you my eyes are opened for the next video.

[@MoneyMarx]

You're welcome Nonkululeko! :)

[@imdee9024]

Thank you . Great video.

[@MoneyMarx]

You're most welcome Delia! :)

[@keitumetsemosaka363]

Thank you so much for this video, I was stuck 🙏

[@MoneyMarx]

You are most welcome Keitumetse! :)

[@sibongilemavundza1778]

Special thanks to you Pieter

[@MoneyMarx]

You're most welcome Sibongile! :)

[@tebogomohudi4624]

Thanks and very easy

[@1tate-guru207]

THANK YOU BROTHER

[@MoneyMarx]

You're most welcome :)

[@funtravells]

Thank you ❤

[@monnishtshabangu1087]

Thanks a million. Just got my wise account and downloaded the app

[@MoneyMarx]

You're most welcome Monnish! Well done on setting it up :)

[@sibongilemavundza1778]

Thank you

[@MoneyMarx]

You're welcome Sibongile! :)

[@TrafalgDWaterLaw]

Love how honest he is with everything including commissions 💎love you boet

[@MoneyMarx]

Thanks man. I really appreciate that! :)

[@techno.science]

@@MoneyMarx Can you receive USD and send USD to local bank account or do you have to send ZAR.. I notice you have to fill out a SARB mandate.

[@okhems]

@@MoneyMarx do you have any social media hand?

[@guy_daimond]

Another fix for the verification issue is to upload your docs via the help centre. Worked for me.

[@MoneyMarx]

Thanks for sharing Guillermo

[@jacobkuruvilla3771]

Thank you for the video.Will you please upload a video on medical insurance/car and household insurance?

[@MoneyMarx]

Hey Jacob. Thanks for the great suggestion! Those topics are on my list of video ideas and will hopefully tackle them in the near future :)

[@iamgavcarter]

Hi Pieter, great content - thanks for this. Question: Can one transfer their US dollars directly from their EasyEquities USD account to Wise? And then can one move those same dollars from wise into a US account? (It may be obvious that what is underpinning this question is my desire to understand how to effectively "hedge" against the rand in case of the worst case outcome. How does one to pure direct offshore investments starting with rands?)

[@luyandazuma397]

Hi Pieter, thank you for this great video!! A video suggestion maybe would be the best medical aids in South Africa at the moment, although it is not a straight forward financial video but medical expenses is one of the things that takes a small bite out of our money and would be awesome to see if we aren't over paying with certain providers when there are cheaper options out there that offer good value too, please consider it? Thanks brother!

[@imdee9024]

I couldn't agree more!

[@MoneyMarx]

Hey Luyanda. That is a great suggestion! I have been wanting to research medical aid options in South Africa for quite a while now, but as you've said, it can become quite complicated and difficult to pinpoint one specific option. But it is on my ever expanding list of video ideas that I will hopefully tackle in the near future :)

[@MsMousy82]

Awesome video! So I registered today. To make a payment from RSA to Serbia Euro and nothing came up South Africa. Has something changed?

[@healthyandblissfulzone6055]

Thank You. My recipient button did not have and option to add my bank account

[@mihlalimahlawe8165]

Hey Pieter, do you perhaps know about Bitsafe and how to transfer funds from bitsafe to wise account?

[@veece7846]

Is this a more economical way of transferring money offshore and back than for instance using your bank, in this case FNB/.

[@moniquedefranca5759]

Good day. Im struggling to uoload my passport page with the upload icon that just keep on running. Why is that and what can I do about it?

[@wendyolivier6564]

Hi Pieter, are we able to open a Wise account in the name of a company?

[@granthagedorn-hansen3874]

Baie dankie Piet! Ek moet net ietsie vra asseblief. We are a company and need to pay a UK Supplier GBP. If we open a Business Wise account, is it possible to select ZAR to pay to GBP? We have heard that Wise does not support paying from ZAR at this time. I am not sure how it all works yet. Dankie.

[@MoneyMarx]

Hey Grant. Jah unfortunately you are not able to fund your Wise account directly from a South African bank in Rands at this stage. It's a great platform for receiving money, but in order to fund it you have to use the Debit or Credit Card function, which can get expensive. The Shyft app from Standard bank is the cheapest to send money offshore, but that is only for Individuals, not businesses. I will need to do more research on this, and if I find a better option I will make a video in the future, but so far the best way I found to pay suppliers overseas is via credit card or SWIFT via traditional banks.

[@LReddy-cv8cv]

Can I withdraw everything out of my wise account or does a R300 still have to be there in order to keep it active or keep your banking details .

[@stormmbizela3929]

This was very helpful. Thank you Piet. I only had an issue when I transferred the verification R300 back to my Capitec and Capitec called me to tell me that I will be receiving R43 back which is strange

[@rethabile]

were you able to deposit the R300 with no issues? because anytime I try to deposit it fails because "the bank did not authorize" my payment

[@stormmbizela3929]

Hi, yes I was able to do it but I forgot to change my currency which made them take my money. But yes, I was able to deposit the money @@rethabile

[@jordandelaura]

@@rethabileI have the exact same issue.

[@rethabile]

@@jordandelaura ye I checked with capetic the don't allow international payments(in foreign currency if I'm not wrong). so unless you have a foreign currency account open and pay with it, you wont be able to deposit the money

[@TeacherFay06]

Hi Im also with Capitec. Boy did I have headaches about this stupid R300 because i do not have another debit or credit card from another bank and now could not do the R300. Been emailing wise for like 3/4 days in a row about other options. What a disaster. I ended up opening a new debit card with Absa today to try and fund this R300. A swift trf was way more than the R300 so i did not opt for that. Hopefully this will work. Anyone else have suggestions maybe

[@estheresterhuizen6579]

Hello Piet. My dogter sit in Amerika en kry nie haar Wise rekening oop nie

[@Luke_and_Richard_Goddard]

Will a driver's licence work for the ID photos?

[@cameronmalherbe5490]

Hi Piet, I have started setting up my wise account (using your link) and once I have set it up I wanted to see my card info and it said that wise does not deliver cards to South Aftica yet. I am going to be working in America from December to March and would like to know of I can set my details up here in South Africa and have my card delivered to me when I am in America? Do you know if this would be possible? Kind regards.

[@MoneyMarx]

Hey Cameron. Yes the Wise Debit card is unfortunately not yet available in South Africa. I'm not too sure if that will be possible. You can maybe contact their support team and ask them directly. Alternatively you can try and open an account while in the US and then have the card delivered that side?

[@alcairwayne7302]

I have noted you said "transfer money from the wise debit card into local bank account" - why not just use the wise card to purchase/make payments locally ?

[@MoneyMarx]

Hey Al. The Wise Debit Card is unfortunately not available to us South Africans at the moment. The Debit card I was referring to is the debit card from your own local bank account that can be used to fund your Wise account with the R 300 in order to activate it.

[@alcairwayne7302]

@@MoneyMarx - what would the charges/fee be for using the wise card for local purchases/payments

[@berylsoita920]

What about if I want to send money from southafrica to kenya

[@jemimakola]

Is Wise now known as Transferwise?

[@raniashammas3344]

Hi Whenever I try to activate the account and photograph the ID, I receive an email that we cannot identify you. I used to activate the account before depositing $20. What should I do to solve this problem? I tried a lot. Please help me

[@malekwanes6329]

thanks for the video Ihave an active wise account and I would like to top it up using EFT from FNB bank ! how can I do this or is there any agent in cape town I can fund my wise with them

[@MoneyMarx]

Hey Malek. I don't think you can top up your Wise account using EFT from a local bank account. But I do think you can use your debit card. I need to test this out myself first and will let you know if it works :)

[@autherhp]

@@MoneyMarx Informative, thanks. I have tried to use a debit card, but it just loops continuously after pressing pay now...any advice?

[@liamblight3814]

Hi marx can you tell me if you can open a Tymebank account at age 16❤❤plz

[@alcairwayne7302]

Hi Piet : how does one do an initial/first deposit into wise account?

[@MoneyMarx]

Hey Al Cairwayne. Unfortunately we cannot make a bank transfer payment from a South African bank account into Wise, but I do believe you can use your debit or credit card to fund your Wise account. This is something that I still need to test for myself though. I mainly use Wise as a means to receive funds from overseas

[@rolandsuttie6966]

I have the same question. I am trying to pay someone overseas, put my Rands into the account, convert to Dollars and then pay them... quite a normal, simple transaction that Wise makes very difficult. @@MoneyMarx

[@FXMINDSET]

Can South Africa WISE send and receive money or it can only send. Like in Kenya, they can only send money, they can't recieve. If I see a verified WISE that can send and receive money, I can buy it

[@nobuhlesithole4680]

Hey Piet, can you use wise to withdraw from PayPal?

[@MoneyMarx]

Hey Nobuhle. I believe so. You can maybe just google around to find out how,. I haven't tried it myself yet though

[@vincentubi]

You can link your wise card to it. Then withdraw to the card.

[@FXMINDSET]

Can South Africa WISE send and receive money or it can only send. Like in Kenya, they can only send money, they can't recieve. If I see a verified WISE that can send and receive money, I can buy it

[@Katzeblow]

So you don't withdraw your money straight to shyft?

[@MoneyMarx]

I haven't tried withdrawing to Shyft yet, but as far as I know they charge $ 15 for every transfer from an international bank account, which is a bit steep for me.

[@Noone-qz3ve]

Hello , does this have low fees compared to paypal?

[@MoneyMarx]

Hey man. Yes Wise is generally cheaper to use than PayPal

[@raycrou8837]

What about the Wise card? Will they send a wise debit card? I know some ppl have that green card.

[@MoneyMarx]

Hey Ray. The Wise Debit Card is unfortunately not yet available in South Africa, but will hopefully soon be if enough of us request it ;)

[@FXMINDSET]

Can South Africa WISE send and receive money or it can only send. Like in Kenya, they can only send money, they can't recieve. If I see a verified WISE that can send and receive money, I can buy it

[@FXMINDSET]

Can South Africa WISE send and receive money or it can only send. Like in Kenya, they can only send money, they can't recieve. If I see a verified WISE that can send and receive money, I can buy it

[@sincere5255]

I used my Drivers license to verify. They couldn't approve it. I don't know what's the problem

[@cleopas_michael0]

I came across wise but is it available in Namibia?

[@MoneyMarx]

Hey man. I don't think so, at least not at the moment, but perhaps in the near future

[@cleopas_michael0]

@@MoneyMarx appreciate it by the way i manage to open my interactive brokers account. Thanks alot Bro.may the Lord bless u in abundance for me.

[@sherylmorgan845]

Hi I'm having issues with paying the $20 I'm using a capitec bank card and I selected debit card however it's not going through

[@karaboTebedi]

i tried my tymebank and it is still not allowing help

[@sherylmorgan845]

@@karaboTebedi yeah I think Capitec and Tyme bank are not acceptable.. Do have a PayPal account? I'm having trouble verifying that's aswell

[@MoneyMarx]

Hey Sheryl. I used my FNB card and it went through almost instantly. It may be that this option is only available for the major banks (FNB, Absa, Nedbank, Standard Bank) etc. But I will try and find out and get back to you

[@gerritpas5553]

@@MoneyMarx any news on this?

[@TrafalgDWaterLaw]

Hey man hope you're doing well, so i recently transfer R300 to my account. But now I want to link my FNB to Wise...but it's saying that my account number is too large. Can you help, if possible?

[@MoneyMarx]

Hey man. I'm not sure why they will give that error. Best would be to contact the support team from Wise so that they can advise accordingly

[@1tate-guru207]

CAN YOU HELP US WITH LEGIT PEOPLE THAT ACTUALLY TAKE PAYPAL FOR RANDS

[@MoneyMarx]

Hey man. What do you mean?

[@tamarap9766]

Hi Piet, do you consult ? I have some questions based on your videos..

[@MoneyMarx]

Hey Tamara. I am unfortunately not qualified to provide paid financial consulting services, but I'd be happy to try and answer questions here on KZbin or on email :)

[@tamarap9766]

@@MoneyMarxawesome... please kindly send me your email.. it's quite specific so would just like your insight

[@MoneyMarx]

@@tamarap9766 Great! It's [e-mail]

[@SarahMatthews-fe7wp]

when I try to add my local bank account it was my account number is too long. not sure what to do?

[@MoneyMarx]

Hey Sarah. I'm not too sure to be honest. Best would be to contact their support team to find out what's wrong

[@SarahMatthews-fe7wp]

@@MoneyMarx Okay will do :) thanks so much!

[@TrafalgDWaterLaw]

@@SarahMatthews-fe7wp hey Sarah, was your issue resolved? As I am currently having that same issue 😅😮‍💨

[@SarahMatthews-fe7wp]

@@TrafalgDWaterLaw Hi, I unfortunately haven't yet 😅 I tired contacting Wise support but they were quite unhelpful. So sorry to hear you're having the same issue! please let me know if you figure it out

[@TrafalgDWaterLaw]

@@SarahMatthews-fe7wp hey Sarah yes, Wise were not helpful for me. But i figured it out though. So i was entering my "card number" instead of my account number. Apparently those are 2 different things. 🤣💔 Your account number can be found on your bank app...under. Accounts (I'm using FNB). 💎Let me know if it works for you.

[@mihlalimahlawe8165]

@moneymarx do you know about bitsafe and how we can transfer funds from bitsafe to wise account v